After many
years of continuous development, operational risk management can now be
regarded as an important and independent management discipline in its own
right. It is a value-adding activity that has a direct or indirect impact on the
bottom-line performances of organisations. It is fundamentally concerned with
good governance and involves consistent alertness and continuous improvement. As
a result, it is essential for business managers at all levels to understand the
concept of operational risk management and its methodologies.
Operational risk management will assist
organisations to develop and implement an operational risk management process
that will support the achievement of business objectives in a way that
proactively addresses risk exposures and identifies potential business
opportunities.
In addition, Operational risk management attempts to
bridge the gap that exists between some of the theoretical concepts of
operational risk and the practical implementation. It deals firstly with the
development phases of operational risk, and then illustrates the effective
application of an operational risk management process. It also discusses
relevant issues in the field and how to deal with risk exposures that could
disrupt business processes and systems, with the achievement of business
objectives and with the wellbeing of employees.
Contents
include the following:
·
Operational risk management framework
·
Development of an operational risk management function
·
Operational risk identification
·
Operational risk evaluation
·
Operational risk control
·
Operational risk financing
·
Operational risk monitoring
·
Operational risk appetite
·
Operational risk management model
Operational risk management is aimed at students,
as well as at managers interested in the management of operational risk.
Jackie Young is a professor in risk management at the University
of South Africa, specialising in operational risk management.
Chapter 1 Introduction to risk,
risk types and operational risk
Chapter 2 Operational risk
management framework
Chapter 3 Development of an
operational risk management function
Chapter 4 Operational risk
identification
Chapter 5 Operational risk
evaluation
Chapter 6 Operational risk control
Chapter 7 Operational risk
financing
Chapter 8 Operational risk appetite
Chapter 9 Operational risk
monitoring
Chapter 10 Operational risk
management model
Annexure A
A-1 Case study – Barings Bank
A-2 Case study – BP oil rig
disaster
A-3 Case study – Sinking of the
Oceanos passenger liner
A-4 Case study – Cahora Bassa Dam
A-5 Case study – Waste management
Annexure B Example of an operational risk
management policy
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